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GIBRALTFebA/March/RApril 2014 I NTER NATIONAL F I N A N C E n I N V E S T M E N T n B U S I N E S S Race begins to dig into new office projects www.gibraltarinternational.com Sponsors Gibraltar International Magazine is grateful for the support of the finance industry and allied services (with the encouragement of the Finance Council) in the form of committed sponsorship. We would like to thank the following sponsors: GIBRALTAR FINANCE CENTRE Tel: + (350) 200 50011 • Fax: + (350) 200 51818 www.gibraltar.gov.gi DELOITTE ABACUS FINANCIAL SERVICES LIMITED Tel: + (350) 200 41200 • Fax + (350) 200 41201 Tel: + (350) 200 78777 www.deloitte.gi Fax: + (350) 200 76689 EUROPA TRUST COMPANY LIMITED www.abacus.gi Tel: + (350) 200 79013 • Fax + (350) 200 70101 QUEST INSURANCE MANAGEMENT LTD. www.europa.gi Tel: + (350) 200 74570 • Fax + (350) 200 40901 HASSANS www.quest.gi Tel: + (350) 200 79000 • Fax + (350) 200 71966 GIBTELECOM time after time www.gibraltarlaw.com Tel: + (350) 200 52200 • Fax: + (350) 200 71673 GRANT THORNTON www.gibtele.com 5SJBZBOE5SJBZXBTFTUBCMJTIFEJO Gibraltar’s Lawyers Since 1905 Tel: + (350) 200 45502 • Fax: + (350) 200 51071 KPMG BOETUJMMSFNBJOTBUUIFGPSFGSPOUPGUIFMFHBM t$PSQPSBUF$PNNFSDJBM www.grantthornton.gi Tel: + (350) 200 48600 • Fax: + (350) 200 49554 QSPGFTTJPOJO(JCSBMUBS XJUIBUSJFEBOEUSVTUFE t&NQMPZNFOU BAKER TILLY (GIBRALTAR) LTD www.kpmg.gi SFQVUBUJPOGPSFYDFMMFODFBNPOHTU t'BNJMZ Tel: + (350) 200 74015 • Fax: + (350) 200 74016 SAPPHIRE NETWORKS www.bakertillygibraltar.gi PVSDMJFOUTBOEQFFST t'JOBODJBM4FSWJDFT*OWFTUNFOU'VOET Tel: + (350) 200 47200 • Fax + (350) 200 47272 www.sapphire.gi t*OTPMWFODZ PIRANHA DESIGNS 8JUIPGmDFTCBTFEJO(JCSBMUBSBOE4QBJO Tel: + (350) 200 45599 • Fax + (350) 200 52037 t-JUJHBUJPO TRIAY & TRIAY / T&T MANAGEMENT XFXPSLXJUIBSBOHFPGDMJFOUTSBOHJOHGSPN www.pdg.gi t1FSTPOBM*OKVSZ SERVICES LTD JOUFSOBUJPOBMCVTJOFTTFTUPQSJWBUFDPNQBOJFT GIBRALTAR INSURANCE ASSOCIATION (GIA) t1SJWBUF$MJFOU Tel: + (350) 200 72020 HPWFSONFOUT DIBSJUJFTBOEQSJWBUFJOEJWJEVBMT Tel: + (350) 58452000 Tel: + (350) 200 76108 t1SPQFSUZ www.gia.gi www.triay.com • www.ttms.gi 8FBSFSFDPHOJTFEBTBMFBEJOHMBXmSN t4IJQQJOH"ENJSBMUZ CREDIT SUISSE (GIBRALTAR) LIMITED BDO LIMITED t5BYBUJPO JO(JCSBMUBSBOEBOVNCFSPGUIFmSNT Tel: + (350) 2000 4000 • Fax: + (350) 2000 4900 Tel: + (350) 200 47300 • Fax: + (350) 200 47590 QSBDUJUJPOFSTBSFSFDPHOJ[FEBTMFBEFSTJOUIFJS t5FMFDPNNVOJDBUJPOT&DPNNFSDF www.credit-suisse.com/gi www.bdo.gi DIPTFOmFMETCZTPVSDFTTVDIBT$IBNCFST t5SVTUT ISOLAS / FIDUCIARY GROUP SG HAMBROS BANK (GIBRALTAR) LTD -FHBM *'-3BOE1SBDUJDBM-BX t8JMMT1SPCBUF Tel: + (350) 2000 1892 Tel: + (350) 2000 2000 Tel: + (350) 200 76651 Fax: + (350) 200 79037 www.gibraltarlawyers.com www.privatebanking.societegenerale.com/hambros Triay & Triay, 28 Irish Town, Gibraltar www.fiduciarygroup.com 5FM t'BY [email protected] twww.triay.com www.gibraltarinternational.com Gibraltar International 3 Feb/March/April 2014 Volume 20/ Number 1 Contents Finance p18 News p6 Larger team selects fewer targets to grow finance business Race begins to dig into new office projects Banking p21 Economy p8 New State bank to demonstrate independence Investment to drive economic growth showing results Law p22 Banking p12 Growth in lawyers masks tightening budgets Green light ahead.– mind the speed limit! Insurance p25 Funds p14 Gibraltar as a ‘career domicile’ Viva Gibraltar – lifting the lid on the Rock Compliance p27 Currency p16 EU signals finance centre ‘clean bill of health’ Countering Virtual Currency Money Laundering in the 21st Century Business round up p28 Editorial Comment sees fresh international business being progressively delivered over the next three years. Repeated incursions by Spain into British Gibraltar Territorial Waters and Developments escalated frontier problems – both linked to Spanish sovereignty claims – have exposed problems for, and impact on, Gibraltar; there’s been wide UK coverage and beyond television, press and social media comment. looking good But, crucially, the troubles are said not to be adversely affecting business interest in relocating to The Rock! These things may be viewed externally as ibraltar is on the brink of a building bonanza worth considerably minor irritations. more than £260m to provide offices, a second 5-star hotel, more Less certain for the economy is the outcome of Gibraltar’s tussle with the than 1,000 new homes and other projects – and for the first time, UK over its plans both to tax on-line gaming at source, whilst also watering down Gfinancing the projects is said not to be a problem. licencing requirements. If progressed, these could cost this lead e-gaming For years, progress of two major schemes – the giant World Trade jurisdiction dearly in lost income and jobs. Gibraltar is at odds too with the UK Center Gibraltar and the 5-star Marriott (originally Hilton) hotel and related over how it plans to make public the ultimate ownership of companies and, office complex - has been stymied by banks demanding guaranteed income potentially, also trusts. Gibraltar hopes to gain a compromise solution on the either through advance commitment of the majority of floor space, or of gaming proposals and on ownership to protect the historic principle of English room occupancy. Trust Law. If they break ground this year, these projects will add greatly to the The planned launch of a state-owned Gibraltar International Bank (GIB) in image of a successful Gibraltar economy and assist with planned economic late 2014 to coincide with the loss of Barclays retail banking locally will relieve growth. pressure on the remaining NatWest and Jyske Bank, and GIB will be fully But let’s not get expectations too high. We’ve been here before and regulated. The Financial Services Commission, amongst other things, will ensure been disappointed when nothing results. To have all three planned office that the management and Board includes people who understand the importance projects advanced seems overkill; some question the extent of real demand. of managing risk, and see that there are adequate independent, non-executive A resulting significant uptake by businesses fresh to, or expanding in, the members. jurisdiction will be welcome, of course, but no new project – offices, hotel GIB seed capital comes from government, but it will be sensible also to or homes - will be completed before 2016, at the earliest! have private equity. Whilst investors will want to make profit, depositors require Just as well: Chief Minister Fabian Picardo, after two years in office, the greatest guarantee for their money, a situation that doesn’t lend itself to high expects “a trickle” of business new to Gibraltar and sees initiatives investment returns. involving US and BRIC countries “maturing” in 2014. His new finance A good start to 2014, which, nevertheless, presents significant challenges. centre specialist team – concentrating mainly on the UK and Switzerland - Ray Spencer Published by No part of this publication may be reproduced without the written Gibraltar International Publications Ltd. permission of the publishers. G7 Cornwall’s Centre PMB 104, PO Box 561 Disclaimer Gibraltar Gibraltar International Publications Limited have tried to ensure that all Editorial enquiries information is accurate, but emphasise that they cannot accept responsibility for any errors or omissions, and that they accept no [email protected] responsibility for statements made by contributors Advertising enquiries or for any claim made in an advertisement. [email protected] Design [email protected] UK Agent: Tel: + 44 (0)1993 703560 © 2014 Gibraltar International Publications Ltd. 4 Gibraltar International www.gibraltarinternational.com AUDIT • TAX • ADVISORY News FATCAFATCA • AANTI-BRIBERYNTI-BRIBERY & CCORRUPTIONORRU • GIBRALTAR Race begins to dig into new office projects near the town centre. COMPLIANCE • VAT Work on the World Trade Center Gibraltar (WTCG) – the territory’s Squarestone previously planned a FUNDSFUNDS • BANKINGBANKING • CORPORATECORPORATE SERVICESSERVICES • INSURANCEINSURA • FUNDS • BANKING • CORPORATE largest office development - is poised to begin more than three Hilton Hotel, but the management agree - years later than planned, but this time as part of an £85m project ment offered came without income to be financed out of a cash pile made in the US guarantees. Developer spokesperson Jeremy NCY II • BASEL II • AIFMD • POCT Nichols, explained: “Because we have an EGAMINGEGAMING • TELECOMMUNICATIONSTELECCuttingOMMUNICAT ION • HOSTING • eBUSINESS t is one of three office projects now being February and a reduced 15,200 m2 rentable agreement for Marriott to provide a advanced: “The race is on to be the first offices space. preferred operator with guaranteed income Inew office development to break The WTCG cost has jumped 50 per for the whole of the lease period, banks in ground”, Gibraltar Chief Minister Fabian cent to £45m – “all to be funded in cash by Gibraltar and the UK have an assured through Picardo, declared. Fairhomes with no direct bank involvement”, income and we have agreement for the cost And investment just as great is being Butcher said. “The US has done very well of government land leases.” PLANNING • FATCA projected in hotels for the jurisdiction. for us and I have bought and sold a lot of The £50m project provides for a 225 MERGERSMERGERcomplexity,S • ACQUISITIONSACQUISITIONS • DUED DILIGENCE • VALUATIONS Gregory Butcher, chairman of assets, as well as having strong rental yields bedroom Marriott Hotel
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